Brent Oil Price Falls Below $100 Amid Supply Tensions

Oil prices dipped on Friday but remain on track for a weekly gain due to supply tensions.

The Brent futures price fell by $0.81, or 1%, to $99.68 per barrel at 0126 GMT, while West Texas Intermediate (WTI) futures dropped by $0.70, or 0.76%, to $91.49 per barrel.

Despite the decrease in prices, oil markets are experiencing a 13.5% rise this week and an 11% weekly gain for WTI.

The decline in prices can be attributed to concerns over the possible shutdown of the Bab el-Mandeb shipping route due to attacks by the Iran-aligned Houthis on tankers in the Red Sea.

Kazakhstan has also temporarily reduced oil output after closing its main export route following suspected Ukrainian drone attacks.